mPokket personal loan 2021

 It’s a smartphone application prepared by Maybright Ventures Private Limited. This app provides instant loans to students and salaried individuals. When the app was first introduced, its main aim was to make loans available for the student community when they run out of cash. mPokket provides instant personal loans to all college students & young working professionals. Borrowers can avail loans ranging from Rs. 500 to Rs. 20,000 and therefore the amount is provided via instant credit to bank account or Paytm wallet. 

Features and benefits of mPokket-  

• Instant cash- The main goal of the app is to provide instant cash to borrowers. You can download mPokket app to get an instant loan approval.  After approval, the loan amount gets disbursed into your bank account or in your Paytm wallet. 

• Flexible Repayment- The instant loan provided by this app are short term loans. You can choose options among 1,2 or 3 months or repayment tenure. 

• Paperless application process- To apply for an instant loan, you need a smartphone. The application process is 100% digital. You don’t need to stand in any que or line to get your application processed. After downloading mPokket application, you need to register yourself and have to provide your KYC documents.  

• Rewards and cashbacks- User gets rewards and cashbacks with mcoins when they refer this app with their friends or with potential customers.

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• mPokket personal loan interest rate, processing fee and loan tenure-  

Lender name	mPokket
Interest rate	3.5%* on monthly basis
Processing fee	NA
Loan amount	Based on the user profile
Loan tenure	1-3 Months

 

Eligibility criteria to avail mPokket personal loan-  

For Students-  

• Age of the applicant should be 18 years or above. 

• Candidate must have his/her college Identity card. 

For salaried person-  

• Candidate must be recent college graduated  

• Applicant should have offer letter or he/she should be working. 

 

Documents required for mPokket personal loan-  

For students-  

• ID proof of college (Identity card of college/ Fee receipt or latest marksheet) 

• Address proof (AADHAR card/ PAN card/ Passport) 

 

For salaried person-  

• copy of offer letter or salary slip 

• Recent bank statement  

 How to use mPokket app? 

• Download the app on your smartphone. 

• Upload your KYC documents, selfie, address proof and college identity card. 

• Wait for the app to get you verified. 

• Select the loan amount, repayment tenure and choose platform to get your funds (Bank Account/ Paytm). 

• The funds get disbursed within few minutes in your Bank account or Paytm wallet. 

 

mPokket EMI calculator-  

The personal loan by the mPokket mobile app works as a credit card. It offers you a credit line that can be increased or decreased. They charge interest on the amount used by the customer. So, before using the amount from the credit line, please do the repayment calculation using an online calculator. The EMI Calculator helps you find out the EMI on the loan amount availed by you. Suppose, you take Rs. 30,000 personal loan for 3 months at 3.5% interest per month. 

 

Loan Amount	INR 30,000
Interest Rate	3.5%
Repayment Tenure	3 Months

EMI schedule according to above table will be-  

Month	Principal	Interest	Total (A+B)	balance	Loan paid
1st	9,971	INR 88	10,058	20,029	33.24%
2nd	10,000	INR 58	10,058	10,029	66.57%
3rd	10,029	INR 29	10,058	0	100.00%

 

Students who are enrolled for regular courses can apply for the personal loan. Students completing their education by opting for a correspondence course can’t take the benefit from this app. The borrowing process is simple, but before that, you must wait for the approval from their side. Once you get approved, you can apply for a loan easily. As you complete your profile, which has 4 sections like about, education, video, and KYC, your profile is ready for the administrator approval. When you get approval, you’ll get notification by the app itself. You can repay the loan amount using your Paytm wallet or Debit Card.